That's okay, you're entitled to price market cap in those terms however I tend to look at options as live if being close to/or in the money. From my point of view they're important to note in this case due to their potential impact on the market cap and in my opinion should be factored in (I didn't list the 1.5m employee options that have recently expired and they were well out of the money at $1.25). FYI has a tighter structure currently with 105,743,973 shares on issue and only 10,916,668 options.
HEG are looking to complete their PFS by the end of the first quarter next year, whilst FYI are looking to complete during the second quarter. FYI have completed successful test work demonstrating outstanding metallurgical recoveries of 99.99% High Purity Alumina. They have also recently entered into a MOU with Aco Korea. They also had a relatively low cash burn at $128k for the last quarter with estimated outflows at $80k for the December quarter.
I say all this as someone who is holding HEGOC and has no financial interest in FYI. Don't get me wrong, I'm very bullish on HEG.
@952i David Leavy was the board appointment by the vendors. Having said that though they now have complete control as evidenced by voting at the AGM. I would read McFarlane and Boston also as vendor appointments. It will certainly be interesting to see who is appointed as MD. It's likely that Reveleigh will also be shown the door soon leaving the chairman position open.
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